Turkey is the sixth largest economy compared to EU countries, supported by a strong automotive and machinery sector, which is driving up industrial fastener demand.
Ranked the fifth biggest producer of motor vehicles in Europe and fifteenth in the world in 2018, key automotive manufacturers base their R & D, design and engineering activities in Turkey.
Turkey is also a leading machinery manufacturer, ranked the sixth largest in Europe, with machinery, electrical machinery and equipment exports worth $24.5 billion in 2018, accounting for 14.6% of total exports. The value was up 14.5% on 2017 levels.
The iron and steel industry plays a key role in the Turkish economy too, with the country being the eighth biggest steel producer worldwide in 2018. Exports were worth $11.6 billion, making up 6.9% of total exports. It was the fastest growing export sector that year, up 40.6% on 2017 levels.
The construction and contracting sector is another important industry for Turkey, ranked 28th in the world.
These sectors are major users of industrial fasteners, making Turkey a key market for industrial fasteners and the outlook is positive.
Despite a recent slowdown, Turkey’s GDP reached $2.29 trillion in 2018 (PPP), and it is forecast to rise by 2.2% in 2020. It has a customs union with the EU, enabling it to increase industrial production for exports, with its main export partners being Germany, the UK, UAE, Iraq, Italy, France and Spain. Its key import partners are China, Germany, US, Italy and Russia.